A pool service company claimed $150K in cash flow and asked $795K.

But: ❌ Owner handled 70% of pool routes—no formal route logs
❌ Work truck titled personally + tools unaccounted for
❌ Addbacks included home internet, child payroll, and beach fuel
❌ Revenue dropped 40% in off-season—no adjustment

✅ Adjusted FCF: ~$55K
✅ Revised value: ~$265K with route map, seasonality smoothing, and wage normalization

📌 Lender pumped the brakes on this one and saved the deal.